Civil, military avionics & other aerospace products Honeywell reported that 2005 full-year sales increased 8 percent to $27.7 billion as compared to 2004.
Earnings per share were $2.12 (excluding the tax charge associated with the repatriation of foreign earnings related to the provisions of the American Jobs Creation Act of 2004), $1.94 on a reported basis. Full-year cash flow from operations was $2.4 billion and free cash flow (cash flow from operations less capital expenditures) was $1.8 billion.
Fourth-quarter sales were up 10 percent to $7.3 billion. Earnings were up 107 percent to $0.62 per share versus $0.30 per share in 2004.
Cash flow from operations was $839 million and free cash flow was up 13 percent to $611 million from $540 million in the fourth quarter last year.
Chairman and Chief Executive Officer, Dave Cote said, "2005 was another good year for Honeywell."
"Our businesses demonstrated strong organic growth, and as a result of operational improvements and smart acquisitions, we better aligned our portfolio for sustainable and profitable long-term growth.
"We are confident in our outlook for 2006 given the strength of the global economy, favorable macro-trends, such as energy efficiency, safety and security, and continued strong operational execution," continued Cote.
"Sales are expected to top $30 billion and we anticipate margin expansion in each of our businesses. We are increasing the low end of our 2006 EPS range by $0.05, as a result of lower than anticipated pension expense, to $2.40 - $2.50," Cote added.